NEW YORK | 93-30 93rd St | FT | FLOORS

[NYguy]

https://therealdeal.com/new-york/202...initial-price/

Vornado sells Queens dev site for $70M — 15% off initial price
Chris Xu buys Rego Park property






MAY 25, 2023
By Rich Bockmann

Vornado sold its Rego Park development site for a sizable discount as the REIT unloads assets in an inhospitable sales market.

The Steve Roth-led company sold the site at 93-30 93rd Street in Rego Park for about $70 million to Queens developer Chris Jiashu Xu, sources told The Real Deal. Traded NY first reported news of the sale.

Xu, the founder of United Construction and Development Group, is the developer of the tallest building in Queens, the 67-story Skyline Tower in Long Island City. He could be planning another condominium project on the Rego Park site, as developers have all but stopped building rental housing on sites that do not qualify for 421a.

His newest purchase is next to Vornado’s Rego Center shopping mall and across the street from the 312-unit Alexander apartment building the company developed in 2015. It holds about 670,000 square feet of development rights.

[NYguy]

Probably 1 or 2 apartment towers mixed with some retail. Some context of the area...

[Crawford]

If they combined all that space in a single tower, Rego Park could get a massive apartment spire.

I'm hoping he goes really tall, like with his project in LIC. I don't believe there are height limits, and the views would be incredible. I have a friend in a highrise in Forest Hills, not too far from here, and the views of Manhattan are amazing.

[NYguy]

Even building just as of right, a single tower there would be huge. It wouldn't take a lot of height to stand out. Then factor in it would probably be built above a parking podium as well.

His newest purchase is next to Vornado’s Rego Center shopping mall and across the street from the 312-unit Alexander apartment building the company developed in 2015. It holds about 670,000 square feet of development rights.

[Busy Bee]

I don't want to see significant height this far out. Not only that I don't think the FAA would even permit it this close to LGA. Aside from that a likely height limit, I dont see why any developer would cram all the developable space into a single tower on a large site like this. LIC makes sense to go tall, here a cluster of 20-25-30 floor towers is better. I'd take the latter anyday at a site like this.

[NYguy]

Originally Posted by Busy Bee

I don't want to see significant height this far out. Not only that I don't think the FAA would even permit it this close to LGA. Aside from that a likely height limit, I dont see why any developer would cram all the developable space into a single tower on a large site like this. LIC makes sense to go tall, here a cluster of 20-25-30 floor towers is better. I'd take the latter anyday at a site like this.

Even two towers on this site could produce 400 ft or so, more than enough to stand out. Here's a proposal much closer to LaGuardia that's around that height...
https://skyscraperpage.com/forum/sho....php?p=9290649


It's an irregularly shaped lot, and would likely contain a significant amount of retail on site, with open floorplates. I see at most, two towers given the configuration. It's next to a park, so that could factor in the plans.

[NYguy]

3 towers…

When complete, the buildings will contain up to 706 apartments, an unspecified collection of amenity spaces, 200,000 square feet of commercial space, and 806 parking spaces. Each building will also feature a reflective glass curtain wall, glass enclosed balconies, and a simple concrete cornice.

https://newyorkyimby.com/2023/06/ren...rk-queens.html